CovOps
Location : Ether-Sphere Job/hobbies : Irrationality Exterminator Humor : Über Serious
| Subject: France: FEARS OF EXODUS Fri Sep 28, 2012 7:09 am | |
| To the dismay of business leaders who fear an exodus of top talent, the government confirmed a temporary 75 percent super-tax rate for earnings over one million euros and a new 45 percent band for revenues over 150,000 euros.
Together, those two measures will bring in around half a billion euros. Higher tax rates on dividends and other investments, plus cuts to existing tax breaks will bring in several billion more.
Business will be hit with measures including a cut in amount of loan interest which is tax-deductible and the cutting of an existing tax break on capital gains from certain share sales - moves worth around four billion and two billion euros each.
Four months after he defeated Nicolas Sarkozy, Hollande's approval ratings are in free-fall as many French feel he has been slow to get to grips with the economic slow-down and unemployment at a 10-year high and rising.
Data on Friday confirmed France posted zero growth in the second quarter, marking nine months of stagnation, as a pickup in business investment and government spending was offset by a worsening trade balance and sluggish consumer expenditure.
http://www.reuters.com/article/2012/09/28/us-france-budget-idUSBRE88R0AK20120928 |
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